Donggyu Lee

Donggyu Lee

This paper asks whether the Federal Reserve's unconventional monetary policies (UMP) — specifically quantitative easing (QE) and forward guidance — exacerbated income and welfare inequality in the …

Sebastian Doerr · Thomas Drechsel · Donggyu Lee

The paper establishes a causal link from rising top income shares to reduced net job creation at small firms, working through a bank funding channel rooted in non-homothetic household portfolio …